Battery Ventures Closes New Funds at $900M
Battery Ventures, a major Boston-area VC firm, has raised two new funds that total $900 million. The firm says its approach will remain pretty consistent—covering a broad array of bets on companies in several technology sectors, at several different stages of growth.
Battery Ventures, which also has offices in Silicon Valley and Israel, is putting the money into two related funds. The largest share, $650 million, goes to the main Battery Ventures fund (the firm’s 10th). The remaining $250 million is reserved for a second fund targeting “larger growth and buyout situations.”
The 30-year-old venture firm also notes a changing of the guard atop its considerable roster. The firm is now being led by partners Dave Tabors and Scott Tobin, which the Wall Street Journal described as Battery’s “third-generation management” team.
There have been some notable departures at Battery, which raised its previous $750 million fund in 2010. As we reported last month, longtime VC Sunil Dhaliwal left Battery to found his own IT-focused fund, Amplify Partners. The Journal also noted the retirement of partner Tom Crotty.
Battery touted some of its successes in a news release announcing the new fund, including the 2012 IPOs of Splunk, Guidewire, ExactTarget, and Bazaarvoice.
Notable recent investments also include Wayfair, a Boston e-commerce startup focusing on home goods; Seattle-based IT software company Opscode; and Backplane, a social media startup co-founded by pop star Lady Gaga’s manager.